Is Medicare Really so Good?
It can be hard to know what to believe when you are looking for information and trust about Medicare. There are so many sources out there with contradicting claims, it’s no wonder that people are confused!
For a start, there are so many different types of Medicare available. And, there is a lot more to it than just choosing your plan. If you already have some type of insurance (or think that you might be eligible for coverage through the ACA), then deciding which parts of Medicare best fit with your needs can seem like an impossible task!
Also, there are a lot of people who are trying to sell you something when it comes to Medicare. It can be hard to know which sources of information to trust!
There are three main types of Medicare: Original Medicare, Part A and Part B; Medigap Plansor supplemental insurance); and Medicare Advantage.
Original Medicare is a fee-for-service plan. That means that you go to any doctor or hospital that accepts Medicare patients. You usually pay a co-payment for each service, and then your insurance company pays the rest.
Part A of Original Medicare covers inpatient care in hospitals, skilled nursing facilities, and some home health care services. Part B covers outpatient care, including visits to doctors’ offices and lab tests.
Medigap Plans are insurance policies sold by private companies that help pay some of the costs not covered by Original Medicare, like deductibles and coinsurance. There are ten different Medigap plans available, but not all insurers offer all plans.
Medicare Advantage is an alternative to Original Medicare. It’s a managed care plan offered by private companies that contracts with Medicare to provide all of your Part A and Part B coverage. You usually have to use doctors, hospitals, and other providers who work with the managed care plan.